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April 21, 2021updated 02 Feb 2022 8:09am

China’s Meituan raises $10bn to invest in autonomous delivery vehicles

China-based food delivery company Meituan has raised close to $10bn through a stock and convertible bonds sale.

China-based food delivery company Meituan has raised close to $10bn through a stock and convertible bonds sale.

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The firm plans to use the proceeds to invest in autonomous delivery vehicles, delivery drones and other advanced technologies.

Backed by Chinese multinational technology conglomerate Tencent, Meituan has a market valuation of $220bn.

Meituan raised $6.6bn

through share sale and around $3bn in two-tranche convertible bonds.

It raised another $400m through further share sales to its largest stakeholder, Tencent.

With this share purchase, Tencent holds nearly 17% stake in the food delivery company.

Reuters cited people familiar with the development to report that about 300 investors placed orders to buy the stock.

The majority of the demand came from hedge funds and Chinese investors, said the source.

In China, Meituan competes with Ele.me, an online food delivery company backed by Alibaba.

In addition to food delivery, Meituan also operates restaurant review sites and offers bike-sharing services.

In another development, Belgium-based software as a service (SaaS) company Deliverect has raised $65m in a Series C funding round.

Deliverect simplifies online food delivery management by connecting Uber Eats, Deliveroo, Doordash and other delivery companies directly to restaurants’ point of sale (POS) system.

The funding was raised by the company from DST Global Partners and Redpoint Ventures, as well as existing investors including Omers Ventures, Newion and Smartfin.

The company also received funding from its founders.

Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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